Location: Pemiscot County, MO | Metro: New Madrid County, MO
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,180 |
| 4 Bedrooms | $1,260 |
| 5 Bedrooms | $1,462 |
| 6 Bedrooms | $1,637 |
| 7 Bedrooms | $1,768 |
| 8 Bedrooms | $1,856 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,180 | $111,199 | 1.06% | B |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 63848 in the metro area for fiscal year 2026 is set at $890. This figure represents the payment standard for Section 8 housing vouchers, which is the amount the government will pay towards your tenant's rent. It does not mean you should set your rent at $890; rather, it is the maximum subsidy amount the government will cover.
To put this into perspective, the average rent in ZIP 63848 is currently $481 according to the latest Census American Community Survey data. This means that the Section 8 payment standard is significantly higher than the local average, offering a potential advantage when renting to voucher holders. However, keep in mind that the actual rent you can charge is subject to certain limits and must be reasonable compared to market rates.
The renter share in ZIP 63848 stands at 29.1%, indicating that nearly three out of ten residents are renters. This suggests a steady demand for rental properties, especially those accepting Section 8 vouchers. The median household income in the area is $72,394, which provides insight into the potential acquisition costs of properties. Given this income level, you can expect property values to reflect the economic status of the area, making it feasible to acquire properties that fit within the Section 8 payment standard.
Before committing to your first Section 8 rental property, ensure that the property meets all the Housing Quality Standards (HQS) required by the program. These standards are designed to ensure safe and habitable living conditions for tenants and are a critical step in qualifying for the program.
In summary, the $890 FMR offers a competitive subsidy rate compared to the local average rent of $481. With a renter share of 29.1%, there is a reliable demand for rental units, and the median income of $72,394 supports property values that align well with the Section 8 program. Your primary task is to confirm that the property complies with HQS requirements to secure participation in the program.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.